He Bought a Local Newspaper… Now He Makes $600K/YR
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My First Million
This episode is titled:
He Bought a Local Newspaper… Now He Makes $600K/YR
Notable Quotes
"You can just start with one [local newspaper]. I don’t think local newspapers are going to go away anytime soon."
"I feel lucky to have achieved financial wealth while chasing meaning. That is super rare and I feel incredibly fortunate to have gotten both."
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Get More InsightsEpisode Summary
The episode begins by addressing the troubling trend of local newspapers in the U.S. shutting down not because of financial failure, but due to the inability to find successors as owners retire. The hosts refer to a tweet that suggests recent college graduates should consider buying and running these papers to serve their communities. Matthew Prince, CEO of Cloudflare, promotes the idea as a way to lead a fulfilling life, even if it doesn't lead to immense wealth.
The discussion transitions into how the messaging and branding from a personality such as Prince highlights the importance of creating a strong narrative in business and politics, suggesting that charisma often exceeds the merit of ideas. They reference the recent rise of a young politician in New York who uses informal, relatable video formats to connect with voters, emphasizing that the future of political candidates may hinge more on personality than policy.
The episode continues with an anecdote about past predictions of successful companies, illustrating the challenges of picking winners in investments, with most of those predictions failing to yield returns. They also stress the importance of focusing on strong long-term trends, such as AI, which can be a better bet for investors than trying to identify specific companies. Overall, the conversation ties together themes of opportunity, storytelling, and the unpredictable nature of investment landscapes.
The discussion transitions into how the messaging and branding from a personality such as Prince highlights the importance of creating a strong narrative in business and politics, suggesting that charisma often exceeds the merit of ideas. They reference the recent rise of a young politician in New York who uses informal, relatable video formats to connect with voters, emphasizing that the future of political candidates may hinge more on personality than policy.
The episode continues with an anecdote about past predictions of successful companies, illustrating the challenges of picking winners in investments, with most of those predictions failing to yield returns. They also stress the importance of focusing on strong long-term trends, such as AI, which can be a better bet for investors than trying to identify specific companies. Overall, the conversation ties together themes of opportunity, storytelling, and the unpredictable nature of investment landscapes.
Key Takeaways
- Local newspapers are shutting down due to lack of succession plans rather than financial issues.
- Young entrepreneurs have opportunities in buying and running local newspapers.
- Charisma and storytelling are crucial in politics and can sometimes outweigh policies.
- Investing can be risky and unpredictable; focusing on strong trends, like AI, may offer better returns.
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